Agenda item

Context:

To receive a presentation and scrutinise the Caldicot Town Centre Investment Proposal.

Key Issues:

To maximise opportunities associated with:

·         The abolition of the Severn Bridge Tolls.

·         Monmouthshire’s enviable centricity.

·         Close proximity to the high growth border areas of Bristol and Gloucester in the South West and the ‘Midlands Engine’ in the North East.

·         New funding opportunities i.e. Targeted Regeneration Investment Programme (TRIP).

Member Scrutiny:

·         The Select Committee was pleased that this proposal was progressing.

·         Lead officers are working closely with the Planning and Highways departments.

·         In terms of market needs analysis, there is the specific work in Caldicot but there is a future economies analysis also being undertaken.

·         The proposal is being moved forward via three projects, i.e., a residential scheme, the cross scheme and then the enterprise scheme.

·         Talks have been held to improve the offer in the Hub.

·         The three schemes will allow officers to be specific in terms of what is required. This will then be fine-tuned with a view to establishing funding streams.

·         Post Brexit, access to European funding will no longer be available. However, the UK Government Industrial Strategy has £4.6 Billion available annually, with an additional £2.4 Billion that has been announced for research and development capacity. This money is allocated via a challenge focus, i.e., by identifying how an Authority might solve a significant problem that it faces in the future.  Therefore, on the back of the City Deal, the Authority has an opportunity to be more ambitious.  A report can be brought to a future Select Committee meeting outlining the industrial strategy and progress in respect of the City Deal and the opportunities that are likely to arise in the near future.

·         Existing Section 106 funding is already available for this proposed scheme, which is being used to secure some match funding. When new schemes come forward in Caldicot, Section 106 funding may be secured for further assistance for this project.

·         With the upcoming removal of the Severn Bridge tolls, it will be necessary to re-purpose Monmouthshire’s towns.

·         An extensive transport study has been undertaken using Rural Development Programme (RDP) funding and the interim report has recently been received.  This report refers to transport across the whole of the County and how the Authority can optimise its transport options.  A short briefing note will be produced in the coming days.

·         An area being focussed on is the establishment of a commercial strategy which will give the Authority the ability to acquire assets which may be sold on to produce commercial yield.  This plan will cover commercial opportunities as well as asset opportunities for the Authority as a corporate landlord.

·         Within the Local Development Plan (LDP) there are acres of employment land allocated and the needs of the industries coming forward are being looked at.